e& Expands Global Reach with Major Investment in Telecom Assets

Telecom leader e& acquires controlling stake in PPF Telecom’s assets, reinforcing its international presence.

Telecom giant e& has reported its H1 2023 financial results, revealing a YoY increase of 1.1% in consolidated revenues, reaching AED 26.6 billion. The company’s net profit during the same period was AED 4.7 billion, with consolidated EBITDA reaching AED 12.8 billion and an EBITDA margin of 48%.

In the UAE, etisalat by e& witnessed a 5.1% increase in subscribers, reaching 13.9 million. The Group’s overall subscriber base reached 165 million, experiencing a YoY increase of 3.1%.

Additionally, e& has signed a binding agreement with PPF Group to acquire a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia, and Slovakia. PPF Telecom is the telecommunications division of PPF. The acquisition will enable e& to expand its international footprint in the Central and Eastern Europe (CEE) region and beyond, aligning with the company’s strategic ambition to accelerate international growth and diversify geographically.

e& Chairman H.E. Jassem Mohamed Obaid Bu Ataba Alzaabi expressed confidence in the company’s resilience and performance, highlighting the commitment to driving sustainable growth and adding value to shareholders. Hatem Dowidar, Group CEO of e&, praised the company’s strong performance, emphasizing its focus on innovation and customer-centric strategies in the telecom and technology sectors.

e&’s strategic moves also included partnerships with various organizations to foster development, support Emiratisation, and enhance digital transformation in the communities it serves. The company’s expansion into digital products and services, acquisitions, and strategic collaborations further solidified its position as a leading global technology group in the digital era.

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